Equity

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Equity

EQUITY

Stock and Stock Equivalents

Authorized Capital

As of March 31, 2025 we had the authority to issue up to 500,000,000 shares of stock, consisting of 400,000,000 shares of

class A common stock and 100,000,000 shares of preferred stock. Subject to applicable NYSE listing requirements, our

board of directors is authorized to cause us to issue additional shares of authorized stock without stockholder approval. In

addition, to the extent not issued, currently authorized stock may be reclassified between class A common stock and

preferred stock. We did not have any shares of preferred stock issued and outstanding as of March 31, 2025 and

December 31, 2024.

Share Repurchase Program

In July 2024, our board of directors authorized the repurchase of up to $150.0 million of our class A common stock. Under

the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated

transactions, in agreements and arrangements structured in a manner consistent with Rules 10b-18 and 10b5-1 under the

Exchange Act or otherwise. The timing and the actual amounts repurchased will depend on a variety of factors, including

legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or

discontinued at any time and does not have a specified expiration date.

During the three months ended March 31, 2025, we repurchased 1,792,836 shares of class A common stock at a weighted-

average price per share of $17.63, for a total cost of $31.6 million. We did not have any repurchases of class A common

stock during the three months ended March 31, 2024. As of March 31, 2025, the amount remaining available for

repurchases under the program was $89.2 million.

Class A Common Stock and Deferred Stock Units

Holders of shares of our class A common stock are entitled to vote on all matters submitted to a vote of stockholders and

are entitled to receive dividends authorized by our board of directors and declared by us, in all cases subject to the rights of

the holders of shares of outstanding preferred stock, if any.

We also issue restricted class A common stock under our stock-based incentive plans. Refer to Note 18 for additional

discussion of these long-term incentive plans. In addition to our class A common stock, we also issue deferred stock units

to certain members of our board of directors for services rendered. These deferred stock units are non-voting, but carry the

right to receive dividends in the form of additional deferred stock units in an amount equivalent to the cash dividends paid

to holders of shares of class A common stock.

The following table details the movement in our outstanding shares of class A common stock, including restricted class A

common stock and deferred stock units:

	Three Months Ended March 31,
Common Stock Outstanding(1)	2025	2024
Beginning balance	173,204,190	173,569,397
Issuance of class A common stock(2)	1,080	1,436
Repurchase of class A common stock	(1,792,836)	—
Issuance of restricted class A common stock, net(3)	469,464	370,936
Issuance of deferred stock units	10,662	10,709
Ending balance	171,892,560	173,952,478

(1)Includes 310,108 and 370,173,  deferred stock units held by members of our board of directors as of March 31, 2025

and 2024, respectively.

(2)Represents shares issued under our dividend reinvestment program during the three months ended March 31, 2025

and 2024, respectively.

(3)Net of 12,408 and 92,167 shares of restricted class A common stock forfeited under our stock-based incentive plans

during the three months ended March 31, 2025 and 2024, respectively.

Dividend Reinvestment and Direct Stock Purchase Plan

We have adopted a dividend reinvestment and direct stock purchase plan under which we registered and reserved for

issuance, in the aggregate, 10,000,000 shares of class A common stock. Under the dividend reinvestment component of this

plan, our class A common stockholders can designate all or a portion of their cash dividends to be reinvested in additional

shares of class A common stock. The direct stock purchase component allows stockholders and new investors, subject to

our approval, to purchase shares of class A common stock directly from us. During the three months ended March 31, 2025

and 2024, we issued 1,080 shares and 1,436 shares, respectively, of class A common stock under the dividend reinvestment

component of the plan. As of March 31, 2025, a total of 9,968,032 shares of class A common stock remained available for

issuance under the dividend reinvestment and direct stock purchase plan.

At the Market Stock Offering Program

As of March 31, 2025, we are party to seven equity distribution agreements, or ATM Agreements, pursuant to which we

may sell, from time to time, up to an aggregate sales price of $699.1 million of our class A common stock. Sales of class A

common stock made pursuant to our ATM Agreements may be made in negotiated transactions or transactions that are

deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Actual sales

depend on a variety of factors including market conditions, the trading price of our class A common stock, our capital

needs, and our determination of the appropriate sources of funding to meet such needs. During the three months ended

March 31, 2025 or March 31, 2024, we did not issue any shares of our class A common stock under ATM Agreements. As

of March 31, 2025, sales of our class A common stock with an aggregate sales price of $480.9 million remained available

for issuance under our ATM Agreements.

Dividends

We generally intend to distribute substantially all of our taxable income, which does not necessarily equal net income as

calculated in accordance with GAAP, to our stockholders each year to comply with the REIT provisions of the Internal

Revenue Code of 1986, as amended, or the Internal Revenue Code. Our dividend policy remains subject to revision at the

discretion of our board of directors. All distributions will be made at the discretion of our board of directors and will

depend upon our taxable income, our financial condition, our maintenance of REIT status, applicable law, and other factors

as our board of directors deems relevant.

On March 14, 2025, we declared a dividend of $0.47 per share, or $80.6 million in aggregate, that was paid on April 15,

2025 to stockholders of record as of March 31, 2025. 

The following table details our dividend activity ($ in thousands, except per share data):

	Three Months Ended March 31,
	2025	2024
Dividends declared per share of common stock	$0.47	$0.62
Class A common stock dividends declared	$80,644	$107,678
Deferred stock unit dividends declared	193	223
Total dividends declared	$80,837	$107,901

Earnings Per Share

We calculate our basic and diluted earnings per share using the two-class method for all periods presented as the unvested

shares of our restricted class A common stock qualify as participating securities, as defined by GAAP. These restricted

shares have the same rights as our other shares of class A common stock, including participating in any dividends, and

therefore have been included in our basic and diluted net income per share calculation. The shares issuable under our

Convertible Notes are included in dilutive earnings per share using the if-converted method when the effect is not

antidilutive.

The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on

the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per

share data):

	Three Months Ended March 31,
	2025	2024
Basic Earnings
Net loss(1)	$(357)	$(123,838)
Weighted-average shares outstanding, basic and diluted(2)	172,004,888	174,041,630
Per share amount, basic and diluted	$(0.00)	$(0.71)

(1)Represents net loss attributable to Blackstone Mortgage Trust, Inc.

(2)For both the three months ended March 31, 2025 and March 31, 2024, our Convertible Notes were not included in

the calculation of diluted earnings per share, as the impact is antidilutive. Refer to Note 13 for further discussion of

our convertible notes.

Other Balance Sheet Items

Accumulated Other Comprehensive Income

As of March 31, 2025, total accumulated other comprehensive income was $8.6 million, primarily representing

$211.6 million of net realized and unrealized gains related to changes in the fair value of derivative instruments offset by

$203.0 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign

currencies. As of December 31, 2024, total accumulated other comprehensive income was $8.3 million, primarily

representing $272.1 million of net realized and unrealized gains related to changes in the fair value of derivative

instruments offset by $263.9 million of cumulative unrealized currency translation adjustments on assets and liabilities

denominated in foreign currencies.

Non-Controlling Interests

The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily

Joint Venture that are not owned by us. A portion of our Multifamily Joint Venture’s consolidated equity and results of

operations are allocated to these non-controlling interests based on their pro rata ownership of our Multifamily Joint

Venture. As of March 31, 2025, our Multifamily Joint Venture’s total equity was $45.0 million, of which $38.3 million was

owned by us, and $6.8 million was allocated to non-controlling interests. As of December 31, 2024, our Multifamily Joint

Venture’s total equity was $45.9 million, of which $39.0 million was owned by us, and $6.9 million was allocated to non-

controlling interests.